CBN orders sales of forex for payment of NPA, NIMASA charges

 

The Central Bank of Nigeria (CBN) has directed dealers to sell foreign exchange   to petroleum marketers for payment of port charges by the Nigerian Ports Authority (NPA), the Nigerian Maritime

 

Administration and Safety Agency (NIMASA). This according to a circular issued by the CBN and obtained by Nigerian NewsDirect will be effected  using the Form ‘A’.

 

The CBN had announced a special market intervention for airline operators, oil marketers, and agricultural businesses to enable them clear a backlog of foreign exchange obligations.

 

It could be recalled that in May, CBN published a list of 36 items for which importers can source foreign exchange (Forex) from the market excluding operators in the airline, oil, and agro-based industries.

 

This fresh Forex window is to grant them some reprieve following several stakeholder engagement and meetings.

 

The apex banking regulatory institution in a circular signed by the Director, Trade and Exchange Department, Wuritka D. Gotring and also posted  on its website yesterday titled, “Payment of Port and Nigerian

 

Maritime Administration and Safety Agency (NIMASA) charges by Oil Marketing Companies”, explained that it is in its continued effort to improve foreign exchange availability in the Nigerian Foreign Exchange

 

Market and improve challenges encountered by the oil marketing companies.

 

In a similar development, the inter-bank segment of Nigeria’s Forex Market on Tuesday received fresh $364 million intervention from the Central Bank of Nigeria (CBN).

 

This is the latest in the series of CBN’s interventions aimed at achieving convergence of rates at the inter-bank and Bureau-de-Change (BDC) segments of the market.

 

According to the CBN, the Retail Secondary Market Intervention Sales (SMIS) received $264.1m just as the Wholesale window got $100m offer from the Bank.

 

In reaction to the guideline, Chairman of Depot and Petroleum Marketers Association of. Nigeria (DAPPMA) Chief Dapo Abiodun commended the CBN for introducing  various initiatives aimed at reducing the challenges of marketers in assessing forex needed for provision of petroleum products.

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